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Dealers demand finance choice

More than 100 dealers are believed to have signed contracts with new finance company The Funding Corporation.

The company, backed by £25m from IM Group and £95m from Barclays, plans to write £100m of loans this year. The launch marks Barclays' return to point-of-sale motor finance after the sale of Mercantile Credit in 1993.

David Titmuss, head of marketing and a founding director of The Funding Corporation, said dealers were demanding greater choice after recent consolidation in the lending industry.

Dealers who introduce a car loan customer will be paid commission on subsequent personal loan business under a Customer Lifetime Earnings scheme.

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